France’s National Assembly has approved a proposal requiring taxpayers to disclose self-custodied cryptocurrency holdings worth at least €100,000 ($112,000). The measure targets digital assets held outside centralized exchanges and custodial platforms.
Consequently, investors could face additional reporting obligations when declaring their annual taxes. However, the proposal still needs final budget approval before becoming law.
Lawmakers Advance Crypto Disclosure Requirements
Lawmakers approved Amendment I-2701 on Tuesday through a 150–44 vote. Eight members abstained during the parliamentary vote. Additionally, authorities would assess qualifying crypto holdings based on their value on December 31.
Besides, lawmakers rejected a separate proposal seeking tax exemptions for small cryptocurrency payments. The amendment would have exempted gains from crypto purchases totaling €1,000 annually. However, the Assembly defeated the proposal 69–14.
Final Budget Approval Remains Uncertain
Significantly, the disclosure requirement forms part of France’s 2027 Finance Bill. Parliament must retain the provision in the final legislation for implementation.
The National Assembly faces a November 17 deadline to complete its first reading. Meanwhile, Senate discussions should begin on November 20.
Moreover, lawmakers recently approved a proposal targeting gains from cryptocurrency-to-stablecoin conversions. They also rejected proposals introducing exit taxes on unrealized crypto profits.
Related:Hong Kong Approves Crypto Tax Reporting Law, Sets 2027 Data Collection Start
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